USD/JPY | US Dollar to Japanese Yen Trading Analysis
The US dollar reversed its losses as investors rushed to the "safe haven" amid a growing number of deaths from the coronavirus epidemic. New York State in the US and the UK announced the highest one-day mortality rates, despite a decline in the number of cases reported earlier this week.
USD/JPY, 30 min
Pivot: 107.70
Analysis:
Provided that the currency pair is traded above 107.90, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 107.70
Take Profit 1: 107.50
Take Profit 2: 107.35
Alternative scenario:
In case of breakout of the level 107.90, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 107.90
Take Profit 1: 108.10
Take Profit 2: 108.30
Comment:
Technically, RSI is 50 below its neutral area.
Key levels:
Resistance
Support
108.30
107.50
108.10
107.35
107.90
107.15
USD/JPY, D1
Pivot: 107.39
Analysis:
While the price is above 107.00, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 107.39
Take Profit 1: 109.40
Take Profit 2: 110.20
Alternative scenario:
If the level 107.00 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 107.00
Take Profit 1: 105.85
Take Profit 2: 104.70
Comment:
A support base has been formed at the level of 107.00, which allowed the asset to temporarily stabilize.
Key levels:
Resistance
Support
111.70
107.00
110.20
105.85
109.40
104.70
We also advise you to pay attention to the following currency pairs for intra-day trading:
EURUSD – buy above 1.0845 with 1.0890 and 1.0905 as Take Profit targets. Alternative scenario - if the level of 1.0845 is broken-down, you should consider selling with the targets 1.0830 and 1.0815 as Take Profit. GBP/USD - long positions above 1.2470 with 1.2540 and 1.2570 targets as Take Profit. Alternative scenario - if the level of 1.2470 is broken-down, sell with the targets 1.2440 and 1.2405 as Take Profit. USD/CAD - sell below 1.4060 with 1.4000 and 1.3960targets as Take Profit. Alternative scenario - if the level 1.4060 is broken-out, sell with the TP 1.4100 and 1.4135.
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